10 Sep 2009 15:26

ARMZ could wrap Mongolian uranium project talks up in 2010

LONDON. Sept 10 (Interfax) - Atomredmetzoloto (ARMZ), the Russian uranium holding, expects to wrap up talks with its main potential partners in a uranium project in Mongolia in the middle of next year, ARMZ chief Vadim Zhivov said on the sidelines of the World Nuclear Association symposium in London.

Zhivov said a company with Chinese owners was operating at the Dornod uranium field, as was Central Asian Uranium Company, in which ARMZ owns a 21%-stake, and Canada's Khan Resources, which holds the biggest stake. "But all their licenses have now been suspended," Zhivov said.

Mongolia is inspecting these companies, and simultaneously ARMZ is holding talks, with the Chinese among others, about possible cooperation.

The founding documents for a 50:50 joint venture between Russia and Mongolia are being agreed upon. "Our job is to produce a coherent enterprise from this whole mosaic," Zhivov said. "I think [the contours of the enterprise will take shape] in a year at best, probably in the summer of 2010," he said.

ARMZ is still discussing a uranium project in Ukraine, possibly at the Novo-Konstantinovskoye field, but no real progress has been made at talks yet, Zhivov said.